Capano Residential Nabs DE Community
Merion Realty Partners sold the 231-unit property in Wilmington, Del., after completing a $2 million refurbishment that included the renovation of 84 units.
By Evelina Croitoru
HFF has announced the disposition of 1303 Delaware, a 231-unit high-rise property in Wilmington, Del. Capano Residential purchased the community from Merion Realty Partners, free and clear of existing debt. HFF worked on behalf of the owner to secure a fixed-rate Fannie Mae acquisition loan.
Located at 1303 Delaware Ave., the asset’s unit mix consists of studio, one-, two- and three-bedroom floor plans ranging in size from 440 to 1,430 square feet. Community amenities include controlled access, a fitness center, laundry facilities, a business center and a total of 175 parking stalls. The property is close to numerous urban amenities as well as major thoroughfares including Interstate 95 and Route 202. Additionally, 1303 Delaware is also situated in the vicinity of Wilmington Amtrak station, which offers rail transportation throughout the Northeast.
A proven value-add background
Prior to selling the asset, Merion Realty completed an extensive $2 million refurbishment program that included the renovation of 84 units. ”The capital spent on building improvements provides the new buyer a great opportunity to focus on updating the remaining 141 unrenovated units, which still have original kitchens and bathrooms,” HFF’s Senior Managing Director Mark Thomson said in prepared remarks.
“All of these factors combined to create significant interest in the property. Many of the groups attracted to this offering were looking to acquire in Delaware for the first time and were drawn to the strength of the submarket, property and proven value-add story,” HFF’s Director Carl Fiebig said in a prepared statement.
Thomson and Fiebig, along with Director Francis Coyne, led HFF’s investment sales team that represented the seller.
Images courtesy of Yardi